Obama budget endows $1 billion housing trust fund
President Barack Obama's budget proposal for 2010 would spend $1 billion to endow a new federal fund meant to expand housing opportunities to low-income borrowers.
The Housing Trust Fund was conceived by Rep. Barney Frank, chairman of the House Financial Services Committee, and was supposed to be funded by a tax on mortgage-finance agencies Fannie Mae and Freddie Mac.
That assessment has been frozen since the companies were nationalized in September and the budget plan would restore that missing funding.
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